PH
Impala Platinum’s Zimbabwe unit, Zimplats – which now has 13 days to object a fresh take-over bid by the government of 28 000 hectares of platinum claims – has so far spent $24 million of the $90 million funds earmarked for the re-development of its collapsed Bimha mine.
The company is also building a new replacement mine for two mines whose life cycle comes to an end in 2019. In the quarter to December 2016, Zimplats mined slightly more ore at 1.7 million tonnes while it has maintained the head grade at 3.2 grams per tonne.
Revenue for the period increased by 41 percent to $139 million compared to the previous quarter owing to “the 70 percent increase in 4E metal sales volumes which was partly offset by lower metal prices”. During the quarter, revenue per 4E ounce decreased by 17% from the previous quarter.
The company is now geared to bring back its Bimha mine which collapsed in 2014 and said on Tuesday that it has so far spent $24 million out of the $92 million for work to re-develop the mine. It is expected that the mine will be back in full production by the end of 2018.
“The redevelopment of Bimha Mine remains on schedule to reach full production in April 2018. A total of $24 million had been spent on the project as at December 31 against an approved total project budget of $92 million,” Zimplats says.
It also said it has been notified that it has 13 days (one month from January 13) to launch an objection to the Zimbabwe government’s bid to take over its land claims in the mineral rich southern African country.
